NQM Looks for Copper/Tin Project Partners

SHANGHAI, July 19 -- While fighting off a hostile takeover bid, North Queensland Metals Ltd says it is looking for partners to help it develop the Baal Gammon copper-tin project. NQM also operates the Pajingo gold mine in the Australian state with joint-venture partner Heemskirk Consolidated Ltd . It is currently subject to rival offers from Heemskirk and Conquest Mining Ltd and today urged shareholder to reject the latter bid.

In the letter to shareholders it noted that it "has an interest in partnering to develop the Baal Gammon copper/tin mine in the Herberton area. The mineral field includes historic tin and base metal mines with rich credit metals such as silver and indium." A feasibility study on a planned 500,000 tpy open pit mine was completed in 2008. Probable ore reserves grade 0.96% copper and 0.22% tin, suggesting annual tin production of some 600 – 700 tonnes. NQM also recently pulled out of a deal to sell other tin properties in the area to Consolidated Tin Mines.